THE LINK REAL ESTATE INVESTMENT TRUST The Securities and Futures Commission of Hong Kong, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
The Board of the Manager is pleased to announce that Completion of the Acquisition pursuant to the terms of the SPA took place on 1 April 2015.
Reference is made to the announcement dated 24 March 2015 of The Link (the Announcement). Capitalised terms used herein have the same meanings as ascribed to them in the Announcement unless the context requires otherwise.
The Board of the Manager is pleased to announce that Completion of the Acquisition pursuant to the terms of the SPA took place on 1 April 2015. The Link has become (through the Purchaser) the sole shareholder of the Target Company and (through the Project Company, being a direct wholly-owned subsidiary of the Target Company) the sole owner of the Property
known as the EC Mall (歐美匯) in Beijing.
Further announcement will be made when the Consideration is adjusted and finally determined according to the Completion Statement.
As disclosed in the Announcement, the Manager has applied to the SFC for a waiver from strict compliance with 7.5(c) of the REIT Code such that (a) the Target Company will be permitted to engage not more than 5 Target Company Employees to provide certain services in respect of its investment in the Project Company, (b) the Project Company will be permitted to directly employ (or continue to employ) not more than 15 Core Function Employees for the Core Functions, and (c) the Project Company will also be permitted to continue to directly employ not more than 65 existing employees until it is lawful and reasonably practicable for the Project Company to terminate their respective employment contracts. Such waiver has been granted by the SFC subject to the Completion and the condition that there shall not be
any material change in the circumstances based on which the waiver is sought and granted.
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Submission with regard to 7.5(d) of the REIT Code
As disclosed in the Announcement, the Manager has made a submission to the SFC in respect of 7.5(d) of the REIT Code regarding the use of five layers of SPVs to hold the Property. Such holding structure has been allowed by the SFC subject to the Completion and the condition that there will be no change to the maximum number of layers of SPVs used by The Link for holding the Property without further approval of the SFC.
By order of the board of directors of
The Link Management Limited
(as manager of The Link Real Estate Investment Trust)
Ricky CHAN Ming Tak
Company Secretary
Hong Kong, 1 April 2015
As at the date of this announcement, the Board of the Manager comprises: Chairman (also an Independent Non-Executive Director)
Nicholas Robert SALLNOW-SMITH
Executive Directors
George Kwok Lung HONGCHOY (Chief Executive Officer)
Andy CHEUNG Lee Ming (Chief Financial Officer)
Non-Executive Director
Ian Keith GRIFFITHS
Independent Non-Executive Directors
William CHAN Chak Cheung Anthony CHOW Wing Kin May Siew Boi TAN
Peter TSE Pak Wing Nancy TSE Sau Ling David Charles WATT Richard WONG Yue Chim
Elaine Carole YOUNG
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